A duality theory of payment systems

Peñaloza, Rodrigo Andrés

doi:10.1016/j.jmateco.2008.05.002

Cited by 5 publications

(2 citation statements)

References 16 publications

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“…It is worth mentioning that this idea reminds closely the one considered in Ref. [49] that uses Lagrange multipliers to set personalized intraday monetary policies in order to reduce idleness of money in a payment system defined in a Banach space.…”

Section: How May One Identify the Role Of Each Individual In The Netwmentioning

confidence: 90%

Enforcing social behavior in an Ising model with complex neighborhoods

Cajueiro

2011

Physica A: Statistical Mechanics and its Applications

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a b s t r a c tWe consider the problem of enforcing desired behavior in a population of individuals modeled by an Ising model. Although there is a large literature dealing with social interaction models, the problem of controlling behavior in a system modeled by the Ising model seems to be an unexplored field. First, we provide and analytically characterize an optimal policy that may be used to achieve this objective. Second, we show that complex neighborhoods highly influence the decision making process. Third, we use Lagrange multipliers associated to some constraints of a related problem to identify the role of individuals in the system.

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Section: How May One Identify the Role Of Each Individual In The Netwmentioning

confidence: 90%

Enforcing social behavior in an Ising model with complex neighborhoods

Cajueiro

2011

Physica A: Statistical Mechanics and its Applications

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“…org.uk) implemented in the U.K. since the mid-2000s, the mobile 3 The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is at the epicenter of these developments, since its Hybrid centralized payment management systems that combine various functions of RTGS, DNS, and payment priority queuing represent another possible solution [10,46]. Queue-augmented real-time systems queue payments using a centralized or internal queue managed by individual banks, as these payments enter the system [35,36]. Such hybrid systems will have less delay than end-of-day netting systems, and will lower liquidity needs to a greater extent than RTGS does.…”

Section: Introductionmentioning

confidence: 99%

Mechanism Design for Near Real-Time Retail Payment and Settlement Systems

Guo

Kauffman

Lin

et al. 2015

2015 48th Hawaii International Conference on System Sciences

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Abstract"Only at the end of the day were the inter-bank claims settled, on a net basis.[The] system worked well: so long as [the] payments could be made then settlement went ahead.[I]f just one bank could not make its payments, the whole inter-bank settlement process would have been disrupted. This exposed a severe vulnerability -potentially threatening the stability of the entire financial system -if a bank failed."

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TORC3: Token-ring clearing heuristic for currency circulation

Humes¹,

Lauretto²,

Nakano³

et al. 2012

AIP Conference Proceedings

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Clearing algorithms are at the core of modern payment systems, facilitating the settling of multilateral credit messages with (near) minimum transfers of currency. Traditional clearing procedures use batch processing based on MILP-mixed-integer linear programming algorithms. The MILP approach demands intensive computational resources; moreover, it is also vulnerable to operational risks generated by possible defaults during the inter-batch period. This paper presents TORC3-the Token-Ring Clearing Algorithm for Currency Circulation. In contrast to the MILP approach, TORC3 is a real time heuristic procedure, demanding modest computational resources, and able to completely shield the clearing operation against the participating agents' risk of default.

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A duality theory of payment systems

Cited by 5 publications

References 16 publications

Enforcing social behavior in an Ising model with complex neighborhoods

Enforcing social behavior in an Ising model with complex neighborhoods

Mechanism Design for Near Real-Time Retail Payment and Settlement Systems

TORC3: Token-ring clearing heuristic for currency circulation

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